Barclays Lowers Fortive (NYSE:FTV) Price Target to $90.00

Fortive (NYSE:FTV) had its price objective cut by Barclays from $95.00 to $90.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

FTV has been the topic of several other research reports. StockNews.com lowered Fortive from a “buy” rating to a “hold” rating in a research note on Wednesday, January 1st. JPMorgan Chase & Co. upgraded shares of Fortive from a “neutral” rating to an “overweight” rating and upped their target price for the company from $90.00 to $92.00 in a research report on Thursday, October 10th. Truist Financial lifted their price target on shares of Fortive from $89.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. UBS Group started coverage on shares of Fortive in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $84.00 price objective on the stock. Finally, Wells Fargo & Company lifted their target price on shares of Fortive from $77.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Fortive has an average rating of “Moderate Buy” and a consensus target price of $86.64.

Fortive Stock Performance

Fortive stock opened at $75.32 on Wednesday. The stock has a 50-day simple moving average of $76.22 and a 200 day simple moving average of $74.64. The stock has a market capitalization of $26.13 billion, a price-to-earnings ratio of 30.01, a P/E/G ratio of 2.11 and a beta of 1.14. The company has a quick ratio of 0.99, a current ratio of 1.25 and a debt-to-equity ratio of 0.33. Fortive has a 12-month low of $66.15 and a 12-month high of $87.10.

Fortive (NYSE:FTV) last announced its earnings results on Wednesday, October 30th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Fortive had a net margin of 14.35% and a return on equity of 12.56%. Fortive’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.85 earnings per share. On average, research analysts anticipate that Fortive will post 3.85 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, November 29th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date of this dividend was Friday, November 29th. Fortive’s dividend payout ratio is presently 12.75%.

Insiders Place Their Bets

In other news, SVP Peter C. Underwood sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $76.58, for a total value of $382,900.00. Following the completion of the transaction, the senior vice president now owns 48,346 shares in the company, valued at $3,702,336.68. This trade represents a 9.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stacey A. Walker sold 171,808 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $71.71, for a total value of $12,320,351.68. Following the sale, the senior vice president now owns 42,651 shares in the company, valued at $3,058,503.21. The trade was a 80.11 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.01% of the company’s stock.

Hedge Funds Weigh In On Fortive

Several hedge funds and other institutional investors have recently made changes to their positions in FTV. Raymond James & Associates lifted its stake in Fortive by 15.0% in the third quarter. Raymond James & Associates now owns 395,488 shares of the technology company’s stock valued at $31,216,000 after acquiring an additional 51,690 shares during the last quarter. Atomi Financial Group Inc. raised its holdings in shares of Fortive by 4.8% in the 3rd quarter. Atomi Financial Group Inc. now owns 4,932 shares of the technology company’s stock valued at $389,000 after purchasing an additional 226 shares during the period. Principal Financial Group Inc. lifted its stake in Fortive by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 406,085 shares of the technology company’s stock valued at $32,052,000 after purchasing an additional 10,795 shares during the last quarter. XTX Topco Ltd bought a new position in Fortive during the third quarter worth about $1,346,000. Finally, First Hawaiian Bank increased its position in Fortive by 197.0% during the fourth quarter. First Hawaiian Bank now owns 15,264 shares of the technology company’s stock worth $1,145,000 after buying an additional 10,125 shares during the last quarter. 94.94% of the stock is owned by institutional investors.

Fortive Company Profile

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.